Posted on January 14 2020
Most countries encouraging immigrants to come and settle down in their country have an investor-linked visa stream. The UK is no exception. The Tier 1 visa scheme of the UK is for individuals willing to make a certain amount of investment in the country. With the investment, they will be eligible to live, work or open a business in the country.
In 2019, changes were made to the Tier 1 visa category following recommendations by the Migration Advisory committee. The changes were proposed to encourage investment in and development of innovative and scalable businesses in the UK.
This post looks at the changes in two Tier 1 visa categories.
Tier 1 Innovator Visa:
This visa category is open to experienced businesspersons and intends to encourage them to set up innovative businesses in the UK. The investor must make a minimum investment of 50,000 pounds and the business must be endorsed by an endorsing body. However, if you are already running a business in the UK approved by an endorsing body, then you need not make this investment.
You will be eligible for this visa if you:
Staying in the UK:
Tier 1 Start-Up Visa:
This new visa category will replace the Tier 1 Graduate Entrepreneur visa program. This visa category exclusively caters to entrepreneurs with high potential who are starting a business for the first time.
The application for this visa can be submitted three months before your intended date of travel to the UK. Other eligibility requirements include:
Staying in the UK:
Impact of the changes:
The changes to the Tier 1 visa categories will help overseas investors to start a business in the UK either with reduced or no previous funding. The proposed business ideas will have to be endorsed by an official body rather than the Home Office officials.
The changes to the Tier 1 visa are expected to encourage the development of innovative businesses in the country.
Tags:
tier 1 visa
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